"I am by birth a free Commoner of England, and am thereby intailed or intituled unto an equall priviledge with your selfe, or the greatest men in England, unto the freedome and liberty of the Lawes of England."
William Thompson, 14. of December, 1647

Friday, 17 June 2011

If you don't know, Richard Murphy of 'Tax Research UK' is a bit of a cult anti-hero (or an anagram thereof). Via Tim Worstall (who else?) I come across this piece: "All money is a confidence trick". You can probably guess the content, but here goes:

"The point is a simple one: this is about money required until confidence is restored, and it is confidence that is key. Because the reality is that confidence is all there is to money because it literally comes out of thin air".

He then goes on to give a reasonably accurate description of our fraudulent monetary system, the key elements being; government monopoly, central banking and fractional reserve banking, but with a couple of things missing, such as the realisation that this system is fraudulent and thus criminal and that it doesn't have to be this way.

The money system is the single most important economic issue. It is the cause of all the booms and the busts, it is the engine of inflation, it is the means by which the welfare/warfare state perpetuates itself, it is nothing but a counterfeiting racket run by the banksters and the statists, it is immoral, it is illegal, it is infernal, it is how the rich get richer and the poor get poorer. This last should bother Murphy.

As I commented (currently awaiting moderation) "free market money isn't created out of thin air, it's dug out of a mine". That doesn't of course deal with the issue in its entirety, but it may remind Murphy that it wasn't always like this, and by the look of Greece, not to say the whole world, it may well not be like this any more. The grand experiment of uncontrolled world inflation, driven by a wholly un-backed dollar is, it seems, coming to an end. That's right Murph, it's the Keynesian Long Run.